Final Flashcards
Difference between price and value
-what is being charged
-what its worth
pricing models pro/cons
-fixed
-variable
-
pricing strategies for product life cycle intro
skimming and penetration pricing
dumb industry
-compete w prices
smart industry
-complex pricing structures
price elasticity
change in demand in a market in response to a product’s change in price
price elasticity equation
% change in quantity sold/ % change in price
markup
percentage or dollar amount added to the cost to determine its selling price
price-cost/cost
margin
difference between the final selling price and product’s cost
price-cost/price
elements of promotional mix
pros/cons
-sales promotion
balance demand
-public relations
-personal selling
-direct marketing
-advertising
6 stages of personal selling
-pre approach
-approach
-presentation
-close
-follow up
ad campaign and important questions
-series of ad messages that share a common idea and theme and run for a limited amount of time
SEO and importance
-Search Engine Optimization
-practice whose goal is to make a website easier to find by ranking high on a search results page
-consider a page’s relevancy and popularity
google ranks
by each page instead of as a whole
difference between natural, manufactured, and self-created backlinks
-someone found web content on the linked- to page useful
-intentional intentional link-building activities
-links are intentionally embedded
steps to pay per click as campaign
-define audience
-set objective
-research keywords
-building landing page
-create ppc ad
-set ad keywords
-test ad
advertising network
-provides network and infrastructure
publishers
people that own websites that accept ad
advertisers
people that create and pay for ads
remarketing and how to use it
cookies
show ads for websites people have already visited but havent taken any action
social media
websites and apps that are platforms where users can share content and information and interact with one another
social media monitoring
process of listening out for social media conversations
augmented reality and ephemeral content
-interactive
-visible short amount of time
social media marketing and benefits
-using social media platforms strategically to market a person, product, company, organization, or idea
-loyal community
-improving brand image
-showing expertise or product quality
-improving customer service
-gaining customer feedback and idea
-boosting traffic and search engine rating
-expanding sales and each a new audience
-cutting marketing costs
-maintaining top of mind awareness
six steps in personal selling process
pre approach
approach
presentation
close
followup
difference between price elasticity and price inelasticity w example
five elements of promotional mix w benefit
sales promotion
public relations
personal selling
direct marketing
advertising
difference between cost-based, value-based, and market-based pricing w 2 pros/cons of cost-based
social media marketing w four benefits
loyal community
improving brand image
showing expertise
improving customer service
gaining customer feedback
boosting traffic
expanding sales
cutting marketing costs
maintaining top of mind awareness
